Zirakpur collector’s rates hiked by as much as 233%, touch new highs.

Zirakpur, the hot spot of the real estate sector in the Chandigarh periphery, has touched a new high in property prices with the Collector’s rates for registration of property in this satellite township of the Punjab capital going up to an all-time high. The increase is up and above the maximum of 150 per cent hike affected in the Collector’s rates for commercial property in Mohali, where rates for residential and commercial sites had gone up by 43 per cent and 24 per cent respectively for institutional sites from April 1.

The rates vary from area to area as they are fixed separately for every tehsil component. Leaving behind the previous benchmark of Rs 1.5 crore per acre, at which the state government had till now acquired most of the land for the upcoming international airport and other mega-development projects in the Greater Mohali area since 2008, the minimum rate for registration of agricultural land in Zirakpur hot spots has been fixed at Rs 3.5 crore per acre.

With the hike of up to 233 per cent in the Collector’s rates for the current fiscal year which began on Friday, the minimum rates for registration of agricultural land in several parts of Zirakpur has been fixed between Rs 1.5 crore and Rs 3.5 crore.

In marlas, the highest rate in Zirakpur stand at Rs 2,18,750 per marla whereas in Mohali, the per marla rate for commercial sites has been fixed at Rs 25 lakh, Rs 4-5 lakh for residential, Rs 2.5-3 lakh for industrial, and Rs 2.5 lakh for institutional sites. The rates for residential and commercial sites in group housing societies and shopping malls at Zirakpur range between Rs 2.25 lakh and Rs 11.25 lakh per marla.

The new rates, which are bound to put an extra burden on buyers of property, have been fixed by Mohali District Collector Parveen Kumar in view of the skyrocketing real estate prices in the open market. The new Collector’s rates have come into force with immediate effect, evoking strong reactions from the common man.

In different parts of Zirakpur that are deemed to be real estate sector hot spots, the increase in Collector’s rate ranged between 100 and 200 per cent, meaning the rates effective till March 31 have been doubled and even gone up three times. Surprisingly, the Collector’s rates for registration of the much sought-after and costly flats in Zirakpur have remained untouched, raising many eyebrows.

“Since the rates for registration of flats were already in consonance with the prevailing market price, no hike was felt in them,” reasoned a district official. As per the new Collector’s rates list, a copy of which is with Newsline, the maximum hike of 233 per cent has been affected at Kishanpura Main Road where the rate has gone up from Rs 60 lakh to Rs 2 crore per acre.

The main road areas where the property registration rates have got a new benchmark of Rs 3.5 crore per acre are Zirakpur, Himmatgarh, Bishanpura, Peer Machhalla, Bhabat, Baltana, Bishangarh, Beer Peer Machh and Dhakoli. However, agricultural land rates in the inner parts of these areas have been fixed at Rs 2 crore per acre.

The rates for registration of flats, apartments and commercial sites in various group housing societies and shopping malls remained the same between Rs 1,000 and Rs 5,000 per square feet.